Hot deals for bulk condo buyers

For existing owners, liquidation can be bittersweet

Some 1,500 condominium units in Greater Downtown Miami were sold from April to June this year, reported an associate of mine, Peter Zalewski, a principal with Condo Vultures LLC in Bal Harbour, Fla.

All those units represented 1.8 million square feet and reduced the number of new condos under developers’ control to a mere 5,100 units.

About the only disquieting news in all of Condo Vultures’ data was that gross sales amounted to $584 million, or just $333 per square foot. The reason for the low pricing was that most of those units were sold at bulk sales. Or as Jay Steinman, a Miami attorney who has been in the middle of many condo sales, said, "That would be one guy buying 200 units, another buying 50 units, that kind of thing."